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Hello all!
Quick question, my BK7 was discharged on 6/20/13. I have pulled reports and verified all is reporting correctly.
I applied and received a CAPONE Secured card with $49 deposit and $200 CL and bumped it to 300 with a deposit.
Also approved for a CreditONE 300 CL and Cap One Quicksilver 500 CL.
Should I activate this CreditOne card or cancel it (can i even cancel it)?
Thanks
_M
@mkkbell wrote:Hello all!
Quick question, my BK7 was discharged on 6/20/13. I have pulled reports and verified all is reporting correctly.
I applied and received a CAPONE Secured card with $49 deposit and $200 CL and bumped it to 300 with a deposit.
Also approved for a CreditONE 300 CL and Cap One Quicksilver 500 CL.
Should I activate this CreditOne card or cancel it (can i even cancel it)?
Thanks
_M
Credit One is a rebuilder / no credit kind of card.. I had one. Had no issues with at all -- steep annual fee, like 79 bucks.
I closed it when I didn't need it. Got some limit increases as I went (had to pay 20 bucks lol)
They are a nickel and dimer, but they reports faithfully every month and they have a visa/MC logo
-scott
So I guess if i can put up with the fees its not a bad thing to have?
-Mark
I received a pre-approval letter from CreditOne in the mail today. I read the annual fee and interest information and immediately shredded the notice. The fees are outrageous. How long have you had the CapOne cards?
My advice would be to let the CapOne cards age a little. There are many more folks on here that have greater knowledge about rebuilding credit than I do so they may also chime in. Rebuilding your credit takes time and if your CreditOne fees were as steep as mine, then you are better off avoiding that one.
I had a capital one card for many years with no lates and closed it prior to my divorce a few years ago.
I got the secured cap one in may before discharge and was just approved today for the cap one quicksilver rewards card
So if I dont activate the creditone what happens?
I would call CreditOne and find out what they have to say about not activating the card.
Creditone says i have 14 days to activate or the card is automaticly closed...
Just not sure if i should keep this card.
Will my two cap one cards be enough to get me started on rebuilding?
The account is legally open, and thus reportable, as of the date they approved the credit.
Activation is a business measure related to ensuring the consumer received the card. Failure to activate does not equate with no open, reportable account.
They may choose not to report if the card is not activated and they close it, but are not precluded from doing so.
Oh the confusion!
I spoke to a creditone rep they there would be no charges if i didnt activate! hey it could get lost in the mail right?!
Anyway i wont activate and ensure there are no charges. I never thought that cap one would approve a non secured card it wasnt an option when i applied for it.
But after the first month of using it my scores sky rocketed just wish i would have tried the cap on again instead of credit one
Wish me luck
EDIT
Robert so do you think it would be bad to not activate and have this shown as opened and then closed if thats what happens?
-Mark